2001 (12) TMI 879

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..... was right in law in upholding the decision of the Dy. Commissioner (Appeals) cancelling the order under section 154 passed by the Assessing Officer restricting the rate of depreciation in respect of rigs and compressors in the light of the Madras High Court s decision in the case of CIT v. Tamil Nadu Agro Industries Corpn. [1991] 192 ITR 108 . 2. The assessment year is 1987-88. In the initia .....

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..... lowable in such cases in only 15 per cent. 4. Counsel for the revenue submitted that in the light of the decision of this Court, though rendered subsequently, it must be held that there was an error apparent in the original assessment and, therefore, the rectification was required to be upheld. 5. This Court in the case of Dr. Rajah Sir M.A. Muthiah Chettiar v. CIT [1999] 238 ITR 505 (Mad.) .....

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..... oper provision under which the assessee could be allowed depreciation for its rigs and compressors. The extent of the depreciation actually allowed after the rectification was in conformity with the law which law has been subsequently declared by the decision of this Court in Tamil Nadu Agro Industries Corpn. s case (supra). 7. We, therefore, answer the question in favour of the Revenue and aga .....

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